Company Registration No. 02603583 (England and Wales)
Airport Coordination Limited
Company limited by guarantee
Annual report and group financial statements
for the year ended 30 September 2023
Airport Coordination Limited
Company limited by guarantee
Company information
Directors
Johanna Clarke
David Lawrence
Valerie Gordon-Walker
Ailsa Beaton
Lesley Cowley
Christopher Groom
Neil Garwood
Ian Chambers
Gavin Molloy
Debra Bowen Rees
(Appointed 1 January 2023)
Ahsan Gulabkhan
(Appointed 3 November 2022)
Secretary
Johanna Clarke
Company number
02603583
Registered office
Rourke House
Kingsbury Crescent
Staines-upon-Thames
TW18 3BA
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Airport Coordination Limited
Company limited by guarantee
Contents
Page
Directors' report
1 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
13 - 24
Airport Coordination Limited
Company limited by guarantee
Directors' report
For the year ended 30 September 2023
1

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

Airport Coordination Limited (ACL) was formed in 1991 and is the world’s largest and leading independent airport slot coordinator. Based near Heathrow, and with satellite offices in Dubai and Auckland, for over thirty years an experienced team has been supporting a growing range of airports across the globe by managing demand and optimising capacity.

The group’s principal activity is to provide an independent coordination service to airport operators through the allocation of take-off and landing slots and slot monitoring activities where the volume of air traffic exceeds the supply of capacity. This involves the allocation of flight arrival and departure times at these airports based on modelling individual airport constraints, such as runway, parking stand or terminal limitations, and environmental requirements. The group also provides schedule facilitation and data collection services at a number of other airports at the request of the airport operator, distributing airport schedule data, offering special event coordination, and providing a range of training and consultancy services.

 

ACL operates in a neutral, non-discriminatory and transparent way in accordance with industry regulations and guidelines, ensuring fair and equal access to airport capacity. ACL works actively with governments, regulators and industry bodies including the Worldwide Airport Slots Board to ensure that slot coordination is practicable, efficient and able to meet stated aims and objectives. This has led ACL to be a valued partner in assessing and advising on changes to coordination and a champion of independence and transparency.

 

ACL's Vision and Values

Purpose - Achieving the best solutions in a fair and independent way.

Vision - To grow our position as the world's leading airport coordinator.

Values - Integrity, Together, Professional, Own it and Striving for better.

 

Business Review

ACL is the slot coordinator of choice for over 70 airports worldwide. The 2022-23 year saw aviation recover following the Covid-19 pandemic, although supply chain challenges came to the fore as the industry ramped up capacity and resource to meet surging demand.

The company continued the integration of new airport customers in the Kingdom of Saudi Arabia, and won extended contracts for services at Dublin Airport and five airports in New Zealand.

 

Coordination Excellence is ACL’s strategy to provide the best service and value to airports and airlines, underpinned by continued investment in both front line and support teams and, increasingly, more advanced use of data to support the information needs of customers. The company continued its investment in data warehouse capabilities and increasing skills in data analysis. Customer satisfaction scores demonstrated the value of ACL’s services, with airlines and airports rating their satisfaction with ACL at 6.5 and 6.4 out of 7.0 respectively.

 

ACL believes in the benefits of a diverse and inclusive workforce, working during the year to embed a vision that ‘Every Voice is Valued’. Efforts to support employees’ mental health and wellbeing remained a key part of the company’s people strategy.

 

Looking ahead, the global aviation industry is confident of an imminent return to pre-pandemic volumes, placing focus once more on airport capacity and infrastructure constraints. ACL will continue to play a leading role in supporting airports and airlines to make best use of their capacity in a fair and independent way.

Airport Coordination Limited
Company limited by guarantee
Directors' report (continued)
For the year ended 30 September 2023
2

Risk Management

The Group operates a set of four risk categories, all risks are mapped directly to one of the categories; strategic, operation, financial and compliance.

 

To identify the Group's areas of significant risk and determine risk appetite, risk profiles have been mapped against the Group's strategic priorities, legal and regulatory obligations.

 

The Board of Directors maintains a process for identifying, evaluating, and managing risks as part of its overall responsibility for maintaining internal controls. This process is intended to provide reasonable assurance regarding compliance with laws and regulations as well as strategic, commercial, and operational risks.

 

Specific review and identification of existing and emerging risks is facilitated by an Audit Committee review during the year, as informed by a regular risk assessment at business unit level. Risks faced by the business are identified together with the potential impact and likelihood along with residual impact and likelihood following mitigations. Risks are mitigated with consideration of the financial impact and the cost of compliance. Outputs are reported to the Audit Committee.

 

The Group recognises that no system of controls can provide absolute assurance against material misstatement, loss, or failure to meet its business objectives.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Johanna Clarke
Julian Homerstone
(Resigned 3 November 2022)
David Lawrence
Valerie Gordon-Walker
Ailsa Beaton
Lesley Cowley
Christopher Groom
Neil Garwood
Ian Chambers
Gavin Molloy
Debra Bowen Rees
(Appointed 1 January 2023)
Ahsan Gulabkhan
(Appointed 3 November 2022)
Auditor

Saffery LLP have expressed their willingness to continue in office.

Airport Coordination Limited
Company limited by guarantee
Directors' report (continued)
For the year ended 30 September 2023
3
Statement of directors' responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Neil Garwood
Director
1 February 2024
Airport Coordination Limited
Company limited by guarantee
Independent auditor's report
To the members of Airport Coordination Limited
4
Opinion

We have audited the financial statements of Airport Coordination Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Airport Coordination Limited
Company limited by guarantee
Independent auditor's report (continued)
To the members of Airport Coordination Limited
5

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Airport Coordination Limited
Company limited by guarantee
Independent auditor's report (continued)
To the members of Airport Coordination Limited
6

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Airport Coordination Limited
Company limited by guarantee
Independent auditor's report (continued)
To the members of Airport Coordination Limited
7

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Watkinson (Senior Statutory Auditor)
For and on behalf of Saffery LLP
6 February 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Airport Coordination Limited
Company limited by guarantee
Group statement of comprehensive income
For the year ended 30 September 2023
8
2023
2022
Notes
£
£
Turnover
4,603,866
4,262,423
Cost of sales
(2,483,326)
(2,223,770)
Gross profit
2,120,540
2,038,653
Administrative expenses
(1,937,162)
(1,885,044)
Operating profit
3
183,378
153,609
Interest receivable and similar income
7
81,592
28,811
Profit before taxation
264,970
182,420
Tax on profit
8
(85,390)
(46,583)
Profit for the financial year
179,580
135,837
Other comprehensive income
Currency translation differences
(11,540)
22,753
Total comprehensive income for the year
168,040
158,590
Airport Coordination Limited
Company limited by guarantee
Consolidated statement of financial position
As at 30 September 2023
30 September 2023
9
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
41,229
24,485
Investments
10
1,017,734
1,043,326
1,058,963
1,067,811
Current assets
Debtors
12
1,092,520
1,181,247
Investments
13
1,380,164
-
0
Cash at bank and in hand
1,849,131
2,867,284
4,321,815
4,048,531
Creditors: amounts falling due within one year
14
(2,358,231)
(2,266,276)
Net current assets
1,963,584
1,782,255
Total assets less current liabilities
3,022,547
2,850,066
Provisions for liabilities
16
(9,149)
(4,708)
Net assets
3,013,398
2,845,358
Reserves
Profit and loss reserves
3,013,398
2,845,358

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
01 February 2024
Neil Garwood
Director
Airport Coordination Limited
Company limited by guarantee
Company statement of financial position
As at 30 September 2023
30 September 2023
10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
41,229
24,485
Investments
10
1,017,834
1,043,426
1,059,063
1,067,911
Current assets
Debtors
12
591,789
831,078
Investments
13
1,380,164
-
0
Cash at bank and in hand
1,299,796
2,619,134
3,271,749
3,450,212
Creditors: amounts falling due within one year
14
(1,985,677)
(2,151,719)
Net current assets
1,286,072
1,298,493
Total assets less current liabilities
2,345,135
2,366,404
Provisions for liabilities
15
(9,149)
(4,708)
Net assets
2,335,986
2,361,696
Reserves
Profit and loss reserves
2,335,986
2,361,696

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £25,710 (2022 - £155,930 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
01 February 2024
Neil Garwood
Director
Company Registration No. 02603583
Airport Coordination Limited
Company limited by guarantee
Group statement of changes in equity
For the year ended 30 September 2023
11
Profit and loss reserves
£
Balance at 1 October 2021
2,686,768
Year ended 30 September 2022:
Profit for the year
135,837
Other comprehensive income:
Currency translation differences
22,753
Total comprehensive income for the year
158,590
Balance at 30 September 2022
2,845,358
Year ended 30 September 2023:
Profit for the year
179,580
Other comprehensive income:
Currency translation differences
(11,540)
Total comprehensive income for the year
168,040
Balance at 30 September 2023
3,013,398
Airport Coordination Limited
Company limited by guarantee
Company statement of changes in equity
For the year ended 30 September 2023
12
Profit and loss reserves
£
Balance at 1 October 2021
2,517,626
Year ended 30 September 2022:
Loss and total comprehensive income for the year
(155,930)
Balance at 30 September 2022
2,361,696
Year ended 30 September 2023:
Loss and total comprehensive income for the year
(25,710)
Balance at 30 September 2023
2,335,986
Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements
For the year ended 30 September 2023
13
1
Accounting policies
Company information

Airport Coordination Limited (“the parent company”) is a private company limited by guarantee incorporated in England and Wales. The registered office is Rourke House, Kingsbury Crescent, Staines-upon-Thames, TW18 3BA.

 

The group consists of Airport Coordination Limited and its subsidiary, ACL International Coordination Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Airport Coordination Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Turnover

The turnover shown in the profit and loss account represents amounts receivable during the period, exclusive of Value Added Tax.

 

Turnover is attributable to contributions from airport operators for data collection, schedules facilitation and coordination services, training and consultancy activities, the sale of access to the online coordination system, subscriptions from member airlines and the sale of schedule data.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
14

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer hardware
4 and 5 years straight line
Computer software
3 years straight line
Fixture and fittings
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
15
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
16
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
17
1.11
Retirement benefits

The company contributes to a defined contribution and a defined benefit pension scheme. The assets of both schemes are held separately from those of the company.

 

The defined benefit pension scheme is a multi-employer scheme for the employees of British Airways and other participating employers and is now closed.

 

The contributions payable to both schemes for the accounting period are charged to the profit and loss account in the accounting period.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Net investment in branch

For monetary items identified as a long-term investment in overseas branches which report in a foreign currency, where exchange differences arise on consolidation, these are recognised in the other comprehensive income and accumulated in equity.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

New Airways Pension Scheme

The multi employer defined benefit plan has been accounted for as a defined contribution plan in accordance with paragraph 28.14 of FRS 102. Detail regarding the pension scheme, including justification for the accounting treatment, is set out in note 17 to these financial statements.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
18
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(19,991)
461
Depreciation of owned tangible fixed assets
13,431
8,785
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
21,500
19,250
For other services
All other non-audit services
8,500
8,250
5
Employees

The average monthly number of persons (including directors) employed by the group during the year was 43 (2022: 39)

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,499,532
2,443,105
Social security costs
246,031
249,162
Pension costs
219,728
205,942
2,965,291
2,898,209
6
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
436,081
411,853
7
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
81,592
28,811
Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
19
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
48,178
27,030
Adjustments in respect of prior periods
(2,219)
-
0
Total UK current tax
45,959
27,030
Foreign current tax on profits for the current period
34,990
16,619
Total current tax
80,949
43,649
Deferred tax
Origination and reversal of timing differences
4,441
2,934
Total tax charge
85,390
46,583
9
Tangible fixed assets
Group & Company
Plant & machinery etc
£
Cost
At 1 October 2022
78,559
Additions
30,175
Disposals
(31,755)
At 30 September 2023
76,979
Depreciation and impairment
At 1 October 2022
54,074
Depreciation charged in the year
13,431
Eliminated in respect of disposals
(31,755)
At 30 September 2023
35,750
Carrying amount
At 30 September 2023
41,229
At 30 September 2022
24,485
Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
20
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Investments
-
-
100
100
Other investments
1,017,734
1,043,326
1,017,734
1,043,326
1,017,734
1,043,326
1,017,834
1,043,426

Other investments comprise 4.25% gilt stock with a nominal value of £895,958 and a maturity date of 7 December 2027, at which date it is repayable at par.

 

In accordance with FRS 102 Section 11 these have been initially recognised at transaction price and subsequently measured at amortised cost through application of the effective interest rate method.

Movements in fixed asset investments
Group
Other
£
Amortised cost
At 1 October 2022
1,043,326
Valuation changes
(25,592)
At 30 September 2023
1,017,734
Carrying amount
At 30 September 2023
1,017,734
At 30 September 2022
1,043,326
Movements in fixed asset investments
Company
Shares in group undertakings
Other
Total
£
£
£
Cost or valuation
At 1 October 2022
100
1,043,326
1,043,426
Valuation changes
-
(25,592)
(25,592)
At 30 September 2023
100
1,017,734
1,017,834
Carrying amount
At 30 September 2023
100
1,017,734
1,017,834
At 30 September 2022
100
1,043,326
1,043,426
Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
21
11
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
ACL International Coordination Limited
Rourke House, Kingsbury Crescent, Staines-upon-Thames, TW18 3BA
Non-UK Coordination
Ordinary
100
-

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

12
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
627,160
704,338
275,210
494,159
Other debtors
465,360
476,909
316,579
336,919
1,092,520
1,181,247
591,789
831,078
13
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Investments
1,380,164
-
1,380,164
-

Current asset investments comprise of two fixed term deposits with maturity dates due within 12 months. One deposit is for £683,893 with an interest rate of 4.25% and a maturity date of 3 February 2024. The other deposit is for £696,271 with an interest rate of 5.27% and a maturity date of 3 August 2024.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
22
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
250,535
235,196
238,722
228,327
Amounts owed to group undertakings
-
0
-
0
159,131
281,516
Corporation tax payable
48,178
27,030
-
0
-
0
Other taxation and social security
179,568
149,453
152,243
125,645
Other creditors
1,879,950
1,854,597
1,435,581
1,516,231
2,358,231
2,266,276
1,985,677
2,151,719
15
Provisions for liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Deferred tax liabilities
16
9,149
4,708
9,149
4,708

 

16
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group & Company
£
£
Accelerated capital allowances
9,149
4,708
Company & Group
2023
Movements in the year:
£
Liability at 1 October 2022
4,708
Charge to profit or loss
4,441
Liability at 30 September 2023
9,149
Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
23
17
Retirement benefit schemes
2023
2022
£
£
Contributions payable by the group for the year
219,728
205,942

The company contributes to a defined contribution and a defined benefit pension scheme. The current scheme is a defined contribution scheme and all employees are automatically enrolled in this scheme unless they participate in the defined benefit scheme. Contributions payable for the company's accounting period are charged to the profit and loss account in that period.

 

The defined benefit scheme, which was closed on 31 March 2018, is part of the New Airways Pension Scheme ("NAPS") and this scheme provides benefits based on final pensionable pay. NAPS is a multi-employer pension scheme for employees of British Airways and other participating employers and at 31 March 2021, the date of its last published actuarial review, the Technical Provision deficit on the scheme totalled £1,650 million. Further details are contained in the scheme's actuarial report.

 

British Airways has committed to an overfunding mechanism to be made in the event that the scheme is underfunded.

 

The company is unable to identify its share of the underlying assets and liabilities of the NAPS and accordingly charges the cost of contributions it makes to the scheme in the period they are payable.

Airport Coordination Limited
Company limited by guarantee
Notes to the financial statements (continued)
For the year ended 30 September 2023
24
18
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
188,331
169,201
179,892
161,040
19
Controlling party

Ultimate control lies with the members.

20
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £100.

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